Fel V. Maragay
Manila Standard

When foreign businessmen voiced their objections to a pending bill that would revise certain government policies affecting the power sector, some senators reacted with extreme hostility to the point of hurling invectives against the former. It is a natural reaction of lawmakers to get angry over what they feel is an unwarranted incursion by aliens in the country’s policy-making and legislative affairs. But there is a lot of impression that this time, the incensed legislators went overboard in chastising their critics.

The leaders of the Joint Foreign Chambers of Commerce, representing seven foreign chambers of commerce and industry, got bullied and humiliated by members of the Senate committee on energy when they appeared at a recent hearing on the proposed amendments to the Electric Power Industry Reform Act of 200l. Ironically, it was the senators identified with the administration (Juan Ponce Enrile, Miriam Defensor-Santiago and Joker Arroyo) who gave them a tongue lashing during the tension-filled hearing.

The senators must have forgotten how difficult it is for the administration to lure foreign investors into the country due to unfavorable factors such as exorbitant power rates, poor infrastructure and bureaucratic red tape. After the leaders of the Joint Foreign Chambers of the Philippines were branded as “meddlers” and told “you are free to leave the country,” can we still expect a surge in foreign investments, as Malacañang has been fervently wishing?

Worried over the adverse consequences of the shabby treatment the business leaders received at the Senate, President Gloria Macapagal Arroyo acted quickly to soothe their wounded feelings and repair the harm. At the traditional Independence Day reception at Malacañang Ceremonial Hall on June l2 where the joint chamber leaders were among the guests, the President went out of her way to underscore the importance of foreign investors to the life of the nation.

The President heaped generous praises on the foreign business community as “partners in the country’s quest for modernization and progress… this includes the countries that you represent, the organizations that you represent—the foreign investors who have become part of our business community and who have brought their technologies and capital to the Philippines. You, together with the Philippine business community, Philippine labor and Philippine farmers, are part of the Philippine economic success story. We are grateful for your contributions and your commitment to our nation and our people.”

To everyone’s relief, the foreign businessmen, unmindful of the tirades thrown at them at the Senate, assured the President that they would not only stay in the country but also expand their operations here. They said they felt their side should be heard by Congress in amending the Epira since any amendments to the law would affect their operations.

Aside from being among the biggest consumers of electricity in the country, they also provide jobs to more than a million Filipinos. And they are expected to create more employment opportunities, what with the increased investments in such industries as electronics and business process outsourcing, more popularly known as call centers. Last year alone, $2.5 billion more in foreign capital flowed into various industries in the country.

It buoys one’s spirit to hear from Trade Secretary Peter Favila that 85 to 90 percent of planned foreign investments will push through. A study conducted by the joint foreign chambers indicated that the Philippines can attract about $9 billion worth more in direct foreign investments between 2007 and 2010. In fact, Favila sees foreign investments this year surpassing last year’s investment inflow by l2 percent.

The joint chambers explained that it was against amending the power reform law, which was designed to lower power rates, because the law had yet to be fully implemented. Among the major amendments is the downscaling of the privatization of the National Power Corp. assets from 70 to 50 percent. This would be unnecessary, according to the JFC, in view of the claim by the Power Sector Assets and Liabilities Management Corp. that it was on its way to reaching the 70-percent privatization target for Napocor by the end of the year.

Furthermore, the joint chambers argued that amending the power law at this stage—or changing the rules in midstream—would give a bad image to the government, especially in the eyes of banks and financial institutions that lent money to investors in building new power plants. Remember, these creditors extended the loans because of incentives under Epira that made investments in the power industry attractive and doable.

What seems funny is that even Enrile, Santiago and Arroyo believe that the terms and conditions of the contracts the investors entered into with the government in building up the power plants that supply power to Napocor cannot be changed without trampling on the principle of the inviolability of contracts that is guaranteed by the Constitution and laws.

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One of the year’s biggest and most significant original Filipino musicals, “Cory!” will be staged in October and November this year. Produced by the Buhay at Awit Foundation, led by Lourdes “Bing” Pimentel, the musical on former President Corazon Aquino’s dramatic and inspiring life and times is written and directed by multi-awarded theater artist Nestor Torre, who had the following acclaimed stage musicals to his credit: “Magnificat,” “Magsimula Ka,” “Sino Ka Ba Jose Rizal?” “Birhen ng Caysasay,” and “Pag-ibig sa Bayan.”

Mrs. Pimentel says she requested Torre to create a musical on the ex-president as her tribute to her achievements and how she weathered many storms and triumphed over many challenges in the course of her eventful life.

“More than that, the musical is our country’s collective tribute to Cory, who has inspired the entire nation with her selflessness, deep faith, strong sense of public service, humility and abiding love for all Filipinos, for whom her husband Ninoy heroically gave his life,” the wife of Senator Aquilino Pimentel says.

Several established artists and stage performers have expressed their keen interest in appearing in the show, but both Pimentel and Torre have opted to look for the best talents for the musical, by opening up all of the roles in it from lead to chorus, to open audition.

The audition is for performers of all ages, and will be held at 1 p.m. on Sunday, June 29, at the Sta. Ana Arts Center Plaza Hugo, Sta. Ana, Manila. Call Andy at 09l9-2065424 or 564-8370 for details.

It’s interesting to know that Bing Pimentel has composed 19 original songs for the musical, spanning a wide range of themes, emotions and styles to musically portray the varied impulses of the script’s unfolding story. She hopes that the “Cory!” musical will remind generations of Filipinos of the many noble and patriotic deeds of Cory and Ninoy, proving that the Filipino is indeed “worth dying for.”